Importance of insurance
 As we know that it supports in our daily life by providing security and protection. There are many uncertain incident may be possible that can crate the financial problem and other. But with the help from the life insurance and other insurance, it makes easy to solved the obstacle. Furthermore people’s life has to face many calamities in different forms. Insurance is a measure in society that provides protection against calamities.
The following significance can be obtained from the insurance.
• Financial protection
In this world we need the financial security because many uncertain obstacle or calamities can be forms. Insurance is the way of measure this calamity. IT gives protection against large and uncertain losses in return of nominal amount of premium. So that insurance gives the feeling of security against uncertain risk.
• Reduction in risk
In running business there are many risks occur, so that insurance can be used for reduction of certain risk. IT is impossible to eliminate risk, so that carry on the business activities the companies should insure the properties and business.
• Encourage saving
The insured has to pay a premium regularly. Thus it encourages the habit of saving specially in life insurance. Furthermore it creates the habit of saving to the insurance person.
• Employment opportunity
To carry on the activities of company, factory, and other developed industry there must be the manpower. Numbers of people are engaged in insurance company. Thus it provides employment opportunity in the country.
• Increase in efficiency
As we know a person who insured feels more safe, active and enterprising as compare to other person who does not insures. His/Her efficiency increases and can enjoy more benefit of risk.
• Other
Promotes foreign trade, profitable investment, basis of credit and national development are the other significance of insurance.